Blue Chip Daily Chart of the Week:
Stop level for position traders and investors: 19.82
please see chart analysis below
- ArcelorMittal (MT) is one of our top technical ideas coming into the week and is on this week’s Members Top 25 List.
- MT is the world’s largest steelmaker, and is well positioned to resume it’s cyclical recovery move.
- MT is in a technical uptrend above the rising 20, 50, 100 and 200-day moving averages, indicating an uptrend on multiple time frames.
- MT recently had a sharp pullback of 20.3% off of 52-week highs and held over the key $20 technical level.
- $21-$22 is near-term support and $20 is a key trend level, which is why the stop is below $20.
- MT was our Chart of the Week as well on 11/1/20, just over 3 1/2 months ago and is +75% since then.
- Disclosure: We are also long MT from 10/15/20, as shared with Blue Chip Daily Members in real time.
- Our Top Performers page: https://bluechipdaily.com/performance/
Have a great week,
Disclaimer – Blue Chip Daily Trend Report
MT CHART OF THE WEEK FROM 11/1/20